New Frontiers of Growth for Luxury: Leather Goods in the Markets of Thailand, Malaysia, Turkey and Poland

After more than two decades of remarkable resilience to global economic crises, recent years have seen growing signs of a possible increased vulnerability of the high-end segment in the face of an uncertain international context. This makes it all the more important to adopt an analytical approach capable of reconstructing an objective view of the dynamics at play, focusing on one of the key sectors of the Fashion System: Leather Goods.

Global Trade in Leather Goods

In 2024, global trade in the sector reached an all-time high of $88 billion, following a steady post-pandemic recovery. Yet the most significant figure concerns the breakdown by price segment: whereas in 2014 the high and upper-mid price brackets accounted for around 29% of world trade, today their share has exceeded 40%.

Source: ExportPlanning

The overall picture highlights widespread growth dynamics across the main international markets – the United States, Japan, France and, to some extent, China itself, although the latter remains constrained by structural weaknesses in domestic demand. At the same time, new geographies of opportunity are emerging: countries such as Turkey, Poland, Thailand and Malaysia are showing a remarkable ability to upgrade the quality of their demand for leather goods, positioning themselves as rising frontiers for the global luxury market.

The Boom of Turkey

With a market worth €530 million, Turkey has experienced a surprising evolution. More than 60% of leather goods trade now falls within the highest price bracket, a clear sign of structural change in domestic demand.

Source: ExportPlanning

Despite macroeconomic volatility, Istanbul has confirmed its role as a strategic hub for trade flows towards the MENA region and Central Asia.
In this scenario, Italy and France stand out as the main beneficiaries, strengthening their reputation as global hubs for high-end products.

Source: ExportPlanning

Poland: Progressive Upgrading

The Polish market, valued at €1.2 billion, shows not only quantitative growth but also a broad-based upgrading of demand. Consumers’ propensity to shift towards premium segments reflects the socioeconomic transformation of a country increasingly integrated into the industrial heart of Europe.

Source: ExportPlanning

While Italy is gaining ground, Germany appears particularly influential in the luxury segment, thanks to its geographical proximity and the strength of its established brands.

Source: ExportPlanning

ASEAN: The Cases of Malaysia and Thailand

Within the ASEAN region, two emblematic cases stand out.
Malaysia – With a market value of €591 million, the country shows a clear orientation towards higher-quality products. European players are expanding, though their presence remains limited compared to the market’s potential.

Source: ExportPlanning

Source: ExportPlanning

Thailand – With €951 million, it is the most dynamic market in the region. Demand for the higher price brackets has increased significantly, making Thailand an emerging hub in the Asian luxury landscape. In this context, Italy and France consolidate their role as undisputed leaders.

Source: ExportPlanning

Source: ExportPlanning

A Reshaping of the Luxury Industry

The picture that emerges is that of a luxury industry in the midst of reshaping, where traditional markets continue to guarantee volumes, but new destinations are showing striking acceleration. Turkey, Poland, Malaysia and Thailand do not yet match the scale of U.S. or Japanese demand, but their qualitative upgrading signals the start of a cycle that could redraw the routes of global luxury. For European players – and Italy in particular – this opens up strategic opportunities: capturing the new elite of emerging consumers could prove key to sustaining growth over the next decade.